Research:

This is among the most important aspects of this subject as you need to find out how the business will generate income and time taken to break even and start making profits. This brings out information of what to expect in the Kenyan market, consumer reception of the idea, business locality for optimum growth, competition and the strategies to beat them.

Capital:

Identifying source of capital should ideally follow research process. Personal Savings, loans from financial institutions or investors, borrowing money from friends and relatives, economic groups/chamas, government sponsorship like Uwezo fund, Youth and Women Funds are some of the sources of capital locally. This is a wide range to choose from and the terms and conditions of each should inform the choice.

Potential:

There have been many local start ups turned SME’s and even big businesses that have already conquered the odds of the Kenyan business market and made it big in their respective areas of business. Professionalism and sourcing of the necessary skill set is also required to make the business stand out in cases where the owner of the business isn’t skilled or can’t operate the business by themselves. Getting to understand the technicality of the business is also essential as it may steer the business to profits in record time.

Technology

As we are living in the “information age”, many technologies exist and have helped in growing and promoting business ideas so as to enhance visibility and maximize profits in whichever ways possible. This is a strong subject of consideration as you might end up saving a lot expenses when you leverage on technologies like the internet, social media and many others present.

Registration

 Since the aim is to transact legal business, one has to find out how to register a business in Kenya and adhere to all the regulations like being Kenya Revenue Authority (KRA) tax compliant to avoid breaking the law as there is no need making profits that would all be consumed by lawsuits to other individuals, the competition or the government of Kenya and the respective county government.

Our team wishes you success in implementing your idea! For more advice on ideas and start ups, kindly direct your queries to info@eliteaccounting.co.ke.